M&A Deal Summary

Var Energi Acquires Exxon Mobil - Upstream Operations

On September 26, 2019, Var Energi acquired oil/gas exploration company Exxon Mobil - Upstream Operations for 4.5B USD

Acquisition Highlights
  • This is Var Energi’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Var Energi’s largest (disclosed) transaction.
  • This is Var Energi’s 1st transaction in the United States.
  • This is Var Energi’s 1st transaction in Texas.

M&A Deal Summary
Date 2019-09-26
Target Exxon Mobil - Upstream Operations
Sector Oil/Gas Exploration
Buyer(s) Var Energi
Deal Type Divestiture
Deal Value 4.5B USD

Target

Exxon Mobil - Upstream Operations

Texas, United States
Exxon Mobil Corp. - Upstream Operations comprises more than 20 producing fields that are operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 barrels of oil equivalents per day (boepd) in 2019.

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Buyer(S) 1

Buyer

Var Energi

Stavanger, Norway
Category Company
Founded 2018
Sector Oil/Gas Exploration
DESCRIPTION

Var Energi is an independent exploration and production (E&P) company on the Norwegian continental shelf (NCS) with an average production of more than 170,000 barrels of oil equivalent per day. The company operates oil and gas production across the entire shelf, with fields in the Barents Sea, the Norwegian Sea, and the North Sea. Var Energi was formed in 2018 and is based in Stavanger, Norway.

DEAL STATS #
Overall 2 of 3
Sector (Oil/Gas Exploration) 1 of 2
Type (Divestiture) 1 of 2
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2019) 2 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-02 Vår Energi - Balder/Ringhorne & Ringhorne Øst fields

Stavanger, Norway

Vår Energi - Balder/Ringhorne & Ringhorne Øst fields engage in development and production on the Norwegian continental shelf. The partners plan to redevelop the Balder and Ringhorne fields through the Balder X project. The Balder X Project entails major future project activities such as extending the lifetime of the Jotun FPSO towards 2045, drilling of 20 new production wells across the Balder and Ringhorne fields.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-23 Neptune Norway

Sandnes, Norway

Neptune Norway produces high-value barrels and an asset portfolio supporting long-term sustained value creation and underpins to increase production. Neptune Norway is based in Sandnes, Norway.

Buy $2.3B
Mergr

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